Steve Saretsky

Because if you're running deficits by default, you're borrowing all the time.

And Rich, you're so darn cute when you think that politicians are going to spend less, increase productivity.

You are right.

And the point is that, hey, that's yesterday.

That is the point.

As they say, yesterday is in the past.

It ain't coming back.

And again, this is going to crack.

We're going to get something new.

And as it's happening, it's going to be like.

It's going to create so much volatility and opportunities in different financial markets as it's going.

And I can tell you the absolute first reaction from central banks is going to be to print money to buy the local bonds in that country.

And they have to do that because regulatory capital for commercial banks, as well as insurance companies, it has to be government bonds.

So if the government bond market collapses or goes into a crisis, by default, commercial banks, timber.

And they're not going to let that happen.

We know that.

No, that's not going to solve it either.

So...

Because the price, that's... I mean, like, you think they would try.

They could require that.